Russia’s Central Bank chief Elvira Nabiullina has stated that she is prepared to allow the nation to do business in crypto – as long as it does not enter the Russian financial system and is only used in international settlements. But the country’s finance ministry, which favors legalization and regulation, is hopeful of reaching a compromise with the bank.
Nabiullina is a key ally of president Vladimir Putin and has been widely praised in Russia for her handling of the national economy in the face of international sanctions. But she is also the nation’s most prominent crypto-skeptic. She has called several times for a blanket ban on crypto and a fast-tracked digital ruble rollout.
Although the bank’s position has somewhat softened in recent weeks, with bank chiefs including Ksenia Yudaeva (the bank’s Deputy Governor) claiming that crypto could be used in the international settlements space, Nabiullina’s personal endorsement packs more of a punch.
However, she issued a...
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